Suncor 'Stalls' on Beta
Thursday 2 March 2017
Suncor Energy is reportedly stalling on a decision to move forward with development of its Beta discovery off Norway after filing an application with the authorities for an extended deadline.
The Canadian player had a previous deadline of 6 January to decide whether to proceed with the project but, as this as now expired, it is now seeking more time to make the call and to submit a development plan, Norwegian news site Petro.no reported.
Norway’s Petroleum & Energy Ministry stated in a letter to the company cited by the publication the deadline for a decision “will not expire as long as the application for an extension is being processed by the ministry”.
A plan for development and operation for Beta is expected to be submitted to the authorities in 2020, according to the Norwegian Petroleum Directorate.
The North Sea discovery was estimated to hold between 44 million and 250 million barrels of oil when it was made in 2009 in Suncor-operated production licence 375, about 15 kilometres north-west of the Statoil-operated Snorre field.
The Canadian operator was looking to develop the find as a subsea tieback to the Snorre B platform, though this is dependent on available processing capacity on the latter facility.
Suncor operates the licence with an 80% stake, with sole partner Point Resources on 20%.